If reporting on a Fannie ......... the minimum requirements are PRE-PRINTED......... and specifically stated in their appraisal requirements on the website
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XI, 203: Appraisal and Property Inspection Report Forms (11/01/05)
Our appraisal report forms recognize the Uniform Standards of Professional Appraisal Practice as the minimum appraisal standards for the appraisal industry.
In addition, we have established our own separate appraisal requirements to supplement the Uniform Standards because we believe that this is necessary to ensure that all of our specific concerns are addressed for any given appraisal.
Our appraisal report forms are designed in a way that results in an appraiser’s being in full compliance with our requirements if he or she provides all of the information required by the forms and presents the applicable data accurately and completely.
Our appraisal report forms provide a concise format for presenting both the appraiser’s description of the subject property and the valuation analysis that leads to the opinion of market value. We have one appraisal report form for reporting an appraisal for each property and inspection type for both
Desktop Underwriter and manually processed mortgages. The appraisal report form that should be used generally depends on the type of property and property inspection required. The appraiser must complete our forms in a way that will clearly reflect the thoroughness of his or her investigation and analysis and provide the rationale for the opinion of market value.
Although the scope of work for the appraisal or the extent of the appraisal process is guided by our appraisal report forms, the forms do not limit or control the appraisal process.
The appraiser’s analysis should go beyond any limitations of the forms, with additional comments and exhibits being used if they are needed to adequately describe the subject property, document the analysis and valuation process, or support the appraiser’s conclusions.
The extent of the appraiser’s data collection, analysis, and reporting must be determined by the complexity of the appraisal assignment.
For example, the scope of work for an appraisal based on an interior and exterior property inspection reported on the
Uniform Residential Appraisal Report (
Form 1004) is based on the complexity of the appraisal assignment and the reporting requirements of the appraisal report form, including the stated definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser is required, at a minimum, to:
•perform a complete visual inspection of the interior and exterior areas of the subject property,
•inspect the neighborhood,
•inspect each of the comparable sales, at least from the street,
•research, verify, and analyze data from reliable public and/or private sources, and
•report his or her analysis, opinions, and conclusions in the appraisal report.
The stated scope of work on the appraisal report forms reflect the
minimum level of research and analysis required. The appraiser can expand the minimum scope of work for the appraisal and report on any additional research or analysis that was necessary and performed based on the complexity of the appraisal assignment. The need for an expanded scope of work is specific to the particular appraisal assignment and should be the exception, not the norm, for appraisals on typical one-unit properties.
